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1、_Refer to Mini-Case on Page 360 (Conch Republic Electronics)Questions:1. What is the pay back period of the project?2. What is the profitability index of the project?3. What is the IRR of the project?4. What is the NPV of the project?5. How sensitive is the NPV to changes in the price of the new PDA
2、?6. How sensitive is the NPV to changes in the quantity sold?7. Should Conch Republic produce the new PDA?Answer:Working process- Year 0:CF=15000000- Year 1:CF=3740000 2520000=1220000S=70000 ×250 (80000 ×240 (80000 15000) ×220)=12600000VC=70000 ×86 15000 ×68=5000000OCF= (S V
3、C F) ×(1 T) +DT= (12600000 5000000 3000000) ×(1 35%) +15000000÷7×0.35=3740000NWC= 12600000 ×20%= 2520000精品资料_- Year2:CF=5066000 580000=4486000S=80000 ×250 (60000 ×240 (60000 15000) ×220)=15500000VC=80000 ×86 15000 ×68=5860000OCF= (155000005860000 300
4、0000) ×(1 35%) +15000000÷7×0.35=5066000NWC=252000015500000 ×20%= 580000- Year 3:CF=9460000 1900000=7560000S=100000 ×250=25000000VC=100000 ×86=8600000OCF= (250000008600000 3000000) ×(1 35%) +15000000÷7×0.35=9460000NWC=15500000×20% 25000000 ×20%=
5、1900000- Year 4:CF=7861000+750000=8611000 S=85000 ×250=21250000 VC=85000 ×86=7310000OCF= (21250000 7310000 3000000) ×(1 35%)+15000000 ÷7 ×0.35 =7861000NWC=25000000 ×20% 21250000 ×20%精品资料_=750000- Year 5:CF=6795000+4250000+3450000=14495000 S=75000 ×250=18750000
6、VC=75000 ×86=6450000OCF= (187500006450000 3000000) ×(1 35%)+15000000÷7 ×0.35=6795000NWC=21250000×20%=4250000A-t S=3000000 0.35 ×(3000000 15000000 ÷7×(7 5)=34500001. year1: 15000000 1220000=13780000year2: 13780000 4486000=9294000year3: 9294000 7560000=1734000ye
7、ar4: 1734000 8611000= 6877000Payback Period of the Project=3+1734000÷8611000=3.20years2. PI= (present value of the net cash flows)/ (initial cash outlay)= (1220000 ÷(1+12%) +4486000÷(1+12%) 2 +7560000 ÷(1+12%) 3 +8611000 ÷(1+12%) 4 + 14495000 ÷(1+12%) 5 )/15000000=1.582
8、9Decision rule:Accept if PI > 1Reject if PI < 13.IRR Internal Rate of Return精品资料_nCFtC00t 1 (1 r )t1220000 ÷(1+k) +4486000÷(1+k) 2 +7560000÷(1+k) 3 +8611000 ÷(1+k) 4 + 14495000 ÷(1+k) 5 15000000=0Use the trail and error methodk=12%, NPV=23743854.57 15000000=8743854.569
9、k=14%, NPV=22251443.49 15000000=7251443.492k=20%, NPV=18484841.18 15000000=3484841.178k=30%, NPV=13952830.78 15000000= 1047169.217k=25%, NPV=15994547.215000000=994547.2k=27%, NPV=15492474.77 15000000=492474.7671k=29%, NPV=14440324.44 15000000= 669675.5627k=28%, NPV=14722498.73 15000000= 277501.2739k
10、=27.5%, NPV= 75684.7173; k=27.3%, NPV=6140.9647; k=27.4%, NPV=34851.1433492474.7671 (277501.2739) 0492474.767127%28%x 27%x=27.64%IRR=27.85%>12%4. NPV= 15000000+1220000÷(1+12%) +4486000 ÷(1+12%) 2 +7560000÷(1+12%) 3+8611000÷(1+12%)4 + 14495000 ÷(1+12%) 5=8743854.569精品资料_N
11、P V1308274.3318743854.56914871.610485.200250PP 1 =250P 2 =200- Year 1:CF=1465000 1820000= 355000S=70000 ×200 (80000 ×240 (80000 15000) ×220)=9100000VC=70000 ×86 15000 ×68=5000000OCF= (S VC F) ×(1 T) +DT= (9100000 5000000 3000000) ×(1 35%) +15000000÷7 ×0.3
12、5=1465000NWC= 9100000 ×20%= 1820000- Year2:CF=2466000 480000=1986000S=80000 ×200 (60000 ×240 (60000 15000) ×220)=11500000VC=80000 ×86 15000 ×68=5860000OCF= (115000005860000 3000000) ×(1 35%) +15000000÷7×0.35=2466000NWC=182000011500000 ×20%= 480000精品资
13、料_- Year 3:CF=6210000 1700000=4510000 S=100000 ×200=20000000 VC=100000 ×86=8600000OCF= (200000008600000 3000000) ×(1 35%) +15000000÷7×0.35=6210000NWC=11500000×20% 20000000 ×20%= 1700000- Year 4:CF=7861000+600000=8611000 S=85000 ×200=17000000 VC=85000 ×86=
14、7310000OCF= (170000007310000 3000000) ×(1 35%)+15000000÷7 ×0.35=5098500NWC=20000000×20% 17000000 ×20%=600000- Year 5:CF=4357500+3400000+3450000=11207500S=75000 ×200=15000000VC=75000 ×86=6450000OCF= (150000006450000 3000000) ×(1 35%)+15000000÷7 ×0.35=
15、4357500NWC=17000000×20%=3400000A-t S=3000000 0.35 ×(3000000 15000000 ÷7×(7 5)=3450000精品资料_5.NPV 2 =15000000+( 355000) ÷(1+12%) +1986000÷(1+12%)2 +4510000 ÷(1+12%) 3+8611000 ÷(1+12%)4 + 11207500 ÷(1+12%) 5=1308274.331NPV8743854.56 93083639.12 36.1182.75Q10
16、000Q 1 =70000; 80000; 100000; 85000; 75000Q 2 =60000; 70000; 90000; 75000; 65000- Year 1:CF=724000 1420000= 696000S=60000 ×200 (80000 ×240 (80000 15000) ×220)=7100000VC=60000 ×86 15000 ×68=4140000OCF= (S VC F) ×(1 T) +DT= (7100000 4140000 3000000) ×(1 35%) +1500000
17、0 ÷7 ×0.35 =724000NWC= 7100000 ×20%= 1420000- Year2:CF=1725000 480000=1245000S=70000 ×200 (60000 ×240 (60000 15000) ×220)=9500000VC=70000 ×86 15000 ×68=5000000精品资料_OCF= (9500000 5000000 3000000) ×(1 35%) +15000000÷7 ×0.35=1725000NWC=142000095000
18、00 ×20%= 480000- Year 3:CF=5469000 1700000=3769000S=90000 ×200=18000000VC=90000 ×86=7740000OCF= (180000007740000 3000000) ×(1 35%) +15000000÷7×0.35=5469000NWC=9500000×20% 18000000 ×20%= 1700000- Year 4:CF=4357500+600000=4957500 S=75000 ×200=15000000 VC=75
19、000 ×86=6450000OCF= (15000000 6450000 3000000) ×(1 35%)+15000000 ÷7 ×0.35=4357500NWC=18000000×20% 15000000 ×20%=600000- Year 5:CF=3616500+3000000+3450000=10066500 S=65000 ×200=13000000VC=65000 ×86=5590000OCF= (13000000 5590000 3000000) ×(1 35%)+15000000 &
20、#247;7 ×0.35精品资料_=3616500NWC=15000000×20%=3000000A-t S=3000000 0.35 ×(3000000 15000000 ÷7×(7 5)=34500006.NPV 2 =15000000+( 696000) ÷(1+12%) +1245000÷(1+12%)2 +3769000 ÷(1+12%) 3+4957500 ÷(1+12%)4 + 10066500 ÷(1+12%) 5= 3083639.1237. From the answer of question 4, we can see the NPV of the project is positive, so Conch Republic should produce the new PDA精品资料_6精品资料_Welcome ToDownload !欢迎您的下载，资料仅供参考！精品资料